The price of pigeon bean and mung bean has declined in the local market while Myanmar has suspended exporting various pulses to India. In order to control the broken bean market, traders have formed a committee and will purchase 30,000 tons of pigeon beans and Mung beans starting from 12 October for the first time, said U Min Ko Oo, the secretary of the Myanmar Pulses, Beans and Sesame Seed Merchants Association.
The committee planned to purchase 10,000 tons of pigeon beans at Ks400,000 per ton and 20,000 tons of mung bean at Ks500,000 per ton.
The committee will make a contract with each local farmer to buy a minimum of 50 tons to a maximum of 360 tons of pigeon bean and mung bean from each farmer. The local farmers have to make the contract, which is regulated by the committee. If the local farmers want to extend the contract, they have to finish the old contract.
“Yesterday, we already bought 360 tons of pigeon beans. If we get the expected amount, we will decide at the next meeting whether we continue to buy the beans or not, he added.
To purchase the beans, sesame association merchants have contributed Ks50 billion. Also, the association has submitted a proposal to the government to provide an additional Ks50 billion.
According to India’s amended import policy, India is to buy only 200,000 tons of pigeon bean and 300,000 tons of mung bean and green bean from Myanmar. Therefore, the price of various Myanmar pulses have declined in the local market.
The market for mung beans, pigeon beans and green bean cultivated in Myanmar rely only on the India bean market. Myanmar exports about 1.5 million tons of beans to India annually.
By May Thet Hnin